Richard Pzena Pzena Investment Management
Richard Pzena is the founder of Pzena Investment Management, a firm specializing in deep-value equities worldwide. The process systematically seeks companies trading at large discounts to normalized earnings power, often when sentiment is poor. Pzena’s research-driven value approach is widely followed by institutional allocators and value-focused individuals.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Bank of America
BAC
|
+$95.4M |
| 2 |
Murphy Oil
MUR
|
+$92.4M |
| 3 |
K
Kellanova
K
|
+$89.5M |
| 4 |
Intel
INTC
|
+$86.7M |
| 5 |
XL
XL Group Ltd.
XL
|
+$82.9M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
BHI
Baker Hughes
BHI
|
+$263M |
| 2 |
Invesco
IVZ
|
+$184M |
| 3 |
Entergy
ETR
|
+$144M |
| 4 |
Oracle
ORCL
|
+$101M |
| 5 |
HP
HPQ
|
+$89.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 35.3% |
| 2 | Technology | 18.29% |
| 3 | Energy | 12.58% |
| 4 | Healthcare | 8.25% |
| 5 | Communication Services | 7.32% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
HP
HPQ
$27.2B
| $819M | 4.55% |
53,546,946
-5,962,650
| -10% | -$89.6M |
|
|
RDS.A
2
DELISTED
Royal Dutch Shell PLC ADS Class A
RDS.A
| $572M | 3.18% |
7,436,262
+36,391
| +0.5% | +$2.66M |
|
3
BP
BP
$115B
| $563M | 3.13% |
13,056,747
-258,630
| -2% | -$10.7M |
|
4
American International
AIG
$39.8B
| $536M | 2.98% |
9,825,424
-205,371
| -2% | -$10.9M |
|
|
5
Intel
INTC
$476B
| $505M | 2.8% |
16,333,339
+3,163,815
| +24% | +$86.7M |
|
|
6
Oracle
ORCL
$422B
| $497M | 2.76% |
12,273,978
-2,460,817
| -17% | -$101M |
|
7
Cigna
CI
$73.3B
| $486M | 2.7% |
5,281,715
+458,511
| +10% | +$39.3M |
|
|
8
Bank of America
BAC
$431B
| $483M | 2.68% |
31,436,311
+6,139,650
| +24% | +$95.4M |
|
9
Citigroup
C
$221B
| $474M | 2.63% |
10,068,251
+93,778
| +0.9% | +$4.46M |
|
10
Omnicom Group
OMC
$24B
| $467M | 2.59% |
6,558,083
+13,250
| +0.2% | +$923K |
|
11
Microsoft
MSFT
$3.59T
| $427M | 2.37% |
10,241,463
-517,263
| -5% | -$20.9M |
|
12
ExxonMobil
XOM
$679B
| $424M | 2.35% |
4,211,548
+495,957
| +13% | +$50M |
|
13
News Corp Class A
NWSA
$16.4B
| $424M | 2.35% |
23,617,742
+1,999,194
| +9% | +$34.5M |
|
14
Morgan Stanley
MS
$336B
| $419M | 2.33% |
12,957,017
+676,780
| +6% | +$20.9M |
|
15
State Street
STT
$51.4B
| $391M | 2.17% |
5,814,240
+1,196,109
| +26% | +$78.7M |
|
|
BHI
16
DELISTED
Baker Hughes
BHI
| $382M | 2.12% |
5,133,571
-3,774,085
| -42% | -$263M |
|
17
JPMorgan Chase
JPM
$935B
| $361M | 2.01% |
6,272,406
+408,511
| +7% | +$23M |
|
18
Parker-Hannifin
PH
$126B
| $361M | 2% |
2,870,465
-73,631
| -3% | -$9.18M |
|
|
SPLS
19
DELISTED
Staples Inc
SPLS
| $355M | 1.97% |
32,759,270
+875,818
| +3% | +$10.4M |
|
|
TRW
20
DELISTED
TRW AUTOMOTIVE HOLDINGS CORP
TRW
| $353M | 1.96% |
3,944,455
+319,713
| +9% | +$26.7M |
|
21
MetLife
MET
$60B
| $339M | 1.88% |
6,854,654
-63,555
| -0.9% | -$2.97M |
|
22
Goldman Sachs
GS
$303B
| $318M | 1.77% |
1,898,978
+164,765
| +10% | +$26.6M |
|
23
Voya Financial
VOYA
$8.86B
| $318M | 1.76% |
8,746,768
+508,235
| +6% | +$18.2M |
|
24
Becton Dickinson
BDX
$52.3B
| $308M | 1.71% |
2,665,480
+64,841
| +2% | +$7.35M |
|
|
IPG
25
DELISTED
Interpublic Group of Companies
IPG
| $307M | 1.7% |
15,735,405
+2,639,956
| +20% | +$47.9M |
|
Similar funds
Richard Pzena's Q2 2014 Portfolio in Review
As of Q2 2014, Richard Pzena held 152 positions worth $18B, up 3.3% from $17.4B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Richard Pzena's Q2 2014 filing shows 6 new, 74 increased, 60 reduced and 12 closed positions. Its largest new stake was XL Group Ltd.: 2,584,925 shares worth $84.6M. The largest sale was Baker Hughes, an estimated $263M.
By sector, the portfolio is most concentrated in Financials at 35% of assets, up from 35% a quarter earlier, followed by Technology and Energy.
- Richard Pzena's largest Q2 2014 buy was XL Group Ltd.: 2,584,925 shares worth $84.6M.
- Richard Pzena added most to Bank of America in Q2 2014, an estimated $95.4M increase.
- Richard Pzena's biggest Q2 2014 reduction was Baker Hughes, cutting an estimated $263M.
- Richard Pzena fully exited Aptiv in Q2 2014, selling an estimated $56.3M.
- Richard Pzena's ten largest holdings make up 30% of its $18B portfolio in Q2 2014.
- Richard Pzena opened 6 new positions and closed 12 in Q2 2014.
- Richard Pzena's portfolio value rose 3.3% quarter-over-quarter to $18B.
Based on Pzena Investment Management's 13F filing for Q2 2014, filed 8 Aug 2014.